Kat Geralis Home Team Wilmington DE Real Estate News Archives

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With home sales on the rise and home prices following suit, many Delaware and Pennsylvania residents will soon begin the process of listing their properties to take advantage of this exciting time in the market, as well as the warmer weather coming this spring! But one common disconnect between homeowners and their agents is the price at which they believe they should list the property.

The price DE and PA homeowners have in mind is oftentimes not realistic for the local market and takes into account a variety of factors including their emotional ties to the home. Finding a comfortable price for you can be a major obstacle when selling your home and you may need to compromise— just take a look at these common reasons homeowners overprice their homes in Delaware and Pennsylvania:

You think your decor is the best
Naturally, your home will represent your unique tastes and style, but keep in mind that it may not do the same for other buyers. Your knick-knacks, bright colors on the walls and large furniture items can get in the way of buyers envisioning themselves living in the home, so take care to scale back on these during the selling process.

You have emotional tiesHomeowners who have lived in a property for several years will develop emotional ties to the home, especially if you've raised your family there. In your mind, the home's worth may be far more than what buyers are willing to pay, so remind yourself to be realistic and remove your homeowner hat. It's important to look at the property as a buyer, without emotional ties, in order to find an accurate price.

You want to make a major profit
Who doesn't want to make a profit when selling their Delaware or Pennsylvania home? This may tempt you to drive up the price, but don't be too hasty. Your home value is dependent on the current market, comparable properties and its condition. Just because you need a specific amount of money from the sale to purchase your next dream home does not mean you can or will sell your home for that amount.

While every Delaware and Pennsylvania homeowner's reason for selling their property will vary, there are a few red flags that will ultimately signal that it's time to move on. Whether you've grown out of the space or your job is taking you to a different community—or out of state completely—you can count on our team of experts to help you navigate the current real estate market as a home seller.

You've outgrown the home
As mentioned above, it is a great sign that you're ready for a bigger home if your family is growing (or if you're an empty nester, the opposite). If you're looking for a larger home to accommodate your needs or a property with fewer bedrooms as your children move out, you can count on the Kat Geralis Home Team to help you find the best fit.

Your costs are too high
It is not uncommon for DE or PA homeowners to find themselves unprepared for the costs that come with a property's upkeep. If you are in this position or think you could be soon, it's time to move on and find a property that better suits your financial situation with a lesser mortgage payment or overall maintenance costs.

The market is ready
Why not take advantage of the current Delaware and Pennsylvania real estate market and list your home while you have an edge? Especially if buyer demand continues to increase and you have the equity in your home, chances are high that you will be able to land a buyer quickly and move on to your next dream home.

You have the value
There is no better time for a DE or PA homeowner to sell than when they have equity built in their property and the market conditions are in their favor. Reach out to our real estate team to find your home's value and determine if now is the time for you!

It's been five years
Five years is the amount of time that industry experts recommend spending in your home before moving on, in an attempt to build enough equity for the move to make sense. After all, when paying a mortgage, the first payments are almost always all interest. Of course your personal situation will influence your decision, but unless you have an urgent need to pack your bags, you might like to consider staying put for a while longer.

Ready to get the listing process started or simply curious about your home value? Give the Kat Geralis Home Team a call! We can provide a list of next steps toward selling your DE or PA home and offer a snapshot of your market value in real time.

Did you know selling your Delaware or Pennsylvania home in the fall and winter can be just as lucrative as selling during the spring and summer? It's true! However, that is if your property is well prepared for the market! There are many ways to improve your Delaware or Pennsylvania home before listing it for sale, including removing the following five items that have been known to turn buyers away!

Bugs
Even if you have a few ladybugs taking up residence in your home's windowsills, it's best to remove them before buyers arrive. This is one of the easiest turn-offs for DE or PA buyers as it can give the impression that your home is not clean or well cared for.

Decor Collections
No matter if it's stamps or holiday figurines, you'll want to keep your collectibles stored away during the home sale process. Displaying any type of collection can give off a cluttered vibe to buyers and turn them away from your property— even if they're just pet accessories!

Odors
One of the quickest ways to send buyers back out the door is by having odors present in your home. Smells can make or break a sale for a buyer, so be mindful of what you're cooking before a showing and be aware of any pet odors that need addressed. Strong scented candles can be a no-go for buyers also as not everyone enjoys the same aromas in their home.

Pet Damage
Remember that not everyone loves pets the way you might. Are your floors scratched from your pet's claws? Are there stains from your pets on the carpet? Consider having your floors refinished or your carpets professionally cleaned prior to buyers arriving at your door.

Personal Photos
Did you know that de-personalizing your Delaware or Pennsylvania property prior to selling can boost your chances of hooking a buyer? Consider removing all of your personal photos before a showing or open house as this will allow buyers to envision themselves in the home in the future instead of you and your family.

When you've decided to sell your home in Delaware or Pennsylvania, you'll want to make sure buyers are intrigued from the start. That means you've found the best possible listing pricing, have made any necessary repairs, and of course, staged the home in a way that buyers can envision living there. But before you decide everything is complete and sit back to welcome the offers that are sure to come your way, you'll want to take a good look at your kitchen.

It is no secret that kitchens sell homes in Delaware and Pennsylvania and there are a few things that may be found inside yours that can send a buyer running the other way. Take a look at the following to make sure your kitchen is ready for the market:

Pet Bowls
Remember, you love your pet, but not all buyers are pet people. Consider moving your pet food bowls out of sight when buyers arrive for a showing to ensure you don't turn them away, even if they otherwise love the property.

Trash Cans
If your trash cans are out in plain sight in your Delaware or Pennsylvania kitchen, clean the area as thoroughly as possible. This means the can itself looks clean, the bag is empty to avoid any odor, and the space around it is free of recycling items or other trash.

Cluttered Counters
You want to make your kitchen feel as open and spacious as possible, so start by removing all of your small appliances and other knick knacks from the countertops. Clean counters will help buyers note how much space they will have to work with in this area.

Dishes
Before buyers arrive to tour your Delaware or Pennsylvania home, be sure that the sink is clean and empty. Someone may love your home, but when they come across dirty dishes in the sink, they could get the impression that other parts of the home have been neglected.

Pests
Ants, flies, and even mice are not an uncommon homeowner problem, but when you become a home seller, it's important to remove any signs of household pests. This includes disposing of traps and bugs before buyers get to your front door.

You've listed your Delaware or Pennsylvania home for sale and are ready to sit back and watch the offers roll in— after all, isn't it a seller's market? But the opposite happens. Maybe you've received a few offers, but they're too low. Maybe you've had showings, but no serious interest. Your home isn't selling as quickly as you'd like and you want to know why.

You priced too high
When pricing your home, it's important to price with today's buyer in mind, as well as comparable properties in the area. If you price according to your emotions, you may be tempted to price too high— especially with all of the memories you have tied to the property. It is not uncommon for home sellers to believe their property is worth more than the market dictates, which can ultimately keep them from moving on.

It needs work
As a homeowner in Delaware or Pennsylvania, making repairs is always wise prior to listing as it will help you avoid problems during the inspection. But that's not all! Even small updates like fresh paint can boost your home's sale price! If you choose to leave everything as is, flaws and all, you could discourage buyers from taking any real interest or being scared away by the thought of what else the home may need repaired.

You're inflexible
Today's homebuyers are constantly searching for properties on their smartphones, their computers, you name it. If your property has made a buyer's short list and they attempt to schedule a showing, you will need to be flexible with your schedule to allow them inside. Making this process difficult for them can cause your home to "sit" on the market longer than necessary.

Clutter is king
Home staging can help a property sell both quicker and for more money, so be sure to follow at least a few of its guidelines! One of those is removing clutter. If your Delaware or Pennsylvania home is filled with large furniture that makes the space feel small, knick knacks, and other personal items, you could risk turning off a buyer immediately.

It is common for the real estate market to experience ebbs and flows in Delaware and Pennsylvania— in fact, it's always changing! Some years, it could lean in favor of buyers, and others, sellers may have the upper hand. But how do you know which direction the market is headed right now? Are there signs to watch for?

There are indeed specific factors that can help you identify which type of market you're in and as your local real estate experts, the Kat Geralis Home Team is here to point them out! Below are three ways you can tell if you're in a seller's market:

Home Prices

One way to find out if you're in a buyer's or seller's market is to look closely at home prices. If you notice that home prices are rising steadily over time, you are likely in a seller's market. Curious about your Delaware or Pennsylvania home value? Give us a call! We're happy to provide more information for homeowners in the area.

Final Price vs. Asking Price

If sellers in your area are typically earning the asking price or even more (due to a bidding war or simply buyer demand) for their properties, you are probably in a seller's market. When homes sell for below their asking price, you would are in a buyer's market as these deals would ultimately work in a buyer's favor.

Days on Market

The average number of days that a property is on the real estate market, often referred to as DOM, will show you how "old" the listing is; you can find this figure easily on any listing sheet, either online or in-person. Take a look at this number— if homes are selling quickly (between 7 to 10 days), you are in a seller's market. This is especially important for local homeowners as this indicates their property is likely to sell efficiently and at a favorable price due to buyer demand.

No matter if you're a buyer or seller in Delaware or Pennsylvania, you can count on the Kat Geralis Home Team to walk you through the process! Contact us today!

It's a new year, so it's time for a real estate market update! Buyers are still out in high numbers, ready to find their dream homes in Delaware and Pennsylvania, while inventory is still trending around the lower end of the spectrum. Just remember, real estate is hyper-local, so it is always wise to contact your agent for a current snapshot of the market where you live— the Kat Geralis Home Teamis here to help!

For the fourth quarter of 2017, there were 1,735 homes for sale— a 21.2 percent decrease in inventory from the same time last year. But this isn't just happening here in Delaware and Pennsylvania, lower inventory is a trend buyers are finding all across the country! The median sales price saw a 4.4 percent decrease to $215,000 and the number of home sales rose 2 percent for a total of 1,696 total closed sales in Q4.

The average sales price in New Castle County for the fourth quarter was $243,299, a 2.7 percent decrease from this time last year. But don't let these decreases in average sales price or median sales price worry you— the percentage of the original price received saw a .7 percent increase in Q4, coming in at 95.2 percent!

Inventory for the fourth quarter of 2017 posted a 28.7 percent drop from the previous year, totaling a 2.9 months supply— just one more sign that the market is ready for your home! With the right real estate expert on your side, you can sell your home quickly and for top dollar— you might just even spark a bidding war!

Updated real estate market stats can provide brief insight into the local real estate market, but they are just that— brief! Contact us today for more information about the market where you live in Delaware or Pennsylvania or with any questions you have about buying or selling a home this year!

Do an exterior deep clean
Take a weekend to clean the exterior of your Southeastern PA or Wilmington DE area home thoroughly. That means washing windows, power washing siding, and even the driveway, trimming bushes, and picking up sticks in the yard. You'd be amazed how fresh and new your property can look with a little elbow grease and a few hours of time.

Bring in subtle decor
When trying to impress buyers, you never want to overwhelm them with large decor items, lawn ornaments, or bold statements like a pink paint color on your home's exterior. Instead, bring in subtle additions like a seasonal wreath, pots flanking the door, or shutters to add character to the property.

Paint the trim
Instead of painting your entire home which can be quite time-consuming and costly, focus on the trim, front door, and shutters. Choosing a new color to accent the exterior—or simply giving it a fresh coat of the same—can make your home stand out to buyers in today's market.

Replace the numbers
This is one of the most inexpensive curb appeal boosting tasks you can complete and one that takes the least amount of time. You can pick up new house numbers for as little as $5 per number and you'll be surprised to find there are hundreds of styles to choose from which can give your home a much-needed update.

Hide the A/C unit
If the rest of your Delaware or Chester County PA home is up to par on style and decor, one task left is hiding eyesores like your air conditioning unit and trash cans. Consider adding a lattice box around the A/C to better mask it from the curb or placing your trash cans in the garage or behind a fence to keep them out of sight.

It may not feel like it just yet, but spring will be here before we know it! And while home buyers are indeed scouring the market for the perfect home year-round these days, traffic tends to pick up significantly in the spring months. What does that mean for you as a Delaware or Pennsylvania home seller? It means your property must be in tip-top shape to outshine the others on the market and as your local real estate experts, we have included a few tasks below to help it do just that!

Clean the gutters
Once the warm temperatures begin to set in, we're all eager to get outside again— but you're probably not in a hurry to venture up to the roof. Don't forget to take stock of your gutters, giving them a good cleaning before the spring is in full swing. If left unattended, gutters can begin to overflow and wreak havoc on your foundation or the interior of your home via water damage.

Wash the windows
Not only do clean windows allow for more light to enter your Southeastern PA home, but they give the impression that your home is tidy and well cared for. No matter what time of year you list your DE or PA home, be sure to give your windows a thorough washing!

Remove yard debris
Especially before having listing photos taken of your home, you'll want to make sure your home's curb appeal is on point. Yard debris in the form of tree limbs, twigs, and dead landscaping can really bring down the property's image for buyers. Take the time to clean up your yard—as well as clear walkways—and ensure it gives off a welcoming aura to buyers.

Store your winter tools
Before you invite buyers into your Wilmington, Newark, or Southeastern PA home, it is essential to store your winter tools, including shovels and rakes. Not only do these items give the feeling of clutter to your outdoor space, but it suggests to the buyers that the rest of the property is not organized and maintained.

Repair animal damage
During the colder months, it is not uncommon for outside critters to find a way in! Raccoons, birds, bats, mice, squirrels, you name it— they can easily take up residence in damaged siding, under the roofline, and in holes around your foundation. If you spot these damaged areas, it is key to repair them as soon as possible before buyers point them out themselves!

Do Not: Put up damaging decorations
It's exciting to deck the halls and turn your home into a magical winter wonderland, but if you can, avoid doing so with damaging decorations. Anything that can leave marks or holes on your walls, scuff the floors, rip the carpet, even leave scratches on the ceiling should be avoided. These are easy to spot as a homebuyer and they will take note when the arrive to view your home.

Do Not: Go into holiday debt
As you're buying gifts this holiday season, pay close attention to your budget and your wallet. When the time comes to move into a new home and take on a new mortgage, lenders will not want to see a mountain of debt that you acquired during the holidays. Keep your future mortgage approval in mind as you shop and avoid racking up those credit card bills.

Do Not: Display large gifts
If you plan to give (or receive!) any large gifts this holiday season, it's best to keep them in storage until after your home sells— or at least when buyers may be present. These large gifts can take up valuable space in your home that make the property feel smaller and more cluttered. Keep clear paths and try to create the illusion of an open, airy space if possible.

Do Not: Buy a new pet
Everyone wants a new pet for the holidays, but when you take into account playful paws that can do damage to your home, as well as potty-training, it may be best to wait until you arrive in your new home. As a Delaware or Pennsylvania home seller, you could just be creating more work for yourself in having to cover up stains, odors, and clean up hair to impress buyers.

Do Not: Buy for your current home
Home-related gifts are great options for the holidays, but be sure not to buy for your current home. Big ticket items like furniture or appliances should be purchased with your new home in mind, or you could wind up with something you may have to sell or replace when the time comes to move.